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25 Broad Answers

HEY THERE. INTERESTING QUESTIONS, BUT NOT TO WORRY. SEE BELOW.

They say that the 10% deposit is not returned if the buyer cannot secure financing. Is this normal? [VERY NORMAL. NO ONE IN NYC SELLS AN APARTMENT SUBJECT TO A BUYER RECEIVING FINANCING. THE DEVELOPER PROBABLY HAS A RELATIONSHIP WITH A MORTGAGE BANK WHO WILL GUARANTEE GOOD FINANCING OPTIONS]

1) No mention whatsoever about all the fancy pants appliances, floors, fixtures the salesman promised. [ALL IS CONTAINED IN THE OFFERING PLAN. THE PURCHASE CONTRACT REFERENCES THE PLAN WHICH LISTS THE APPLIANCES/FIXTURES, ETC.]

2) If there's an existing tenant, buyer cannot evict him. [VERY STANDARD. FIND OUT IF YOU APARTMENT IS OCCUPIED - IF IT IS NOT, THIS IS NOT AN ISSUE FOR YOU]

Al Frick: Templeton below you has answered all your questions, but honestly, if you are spending $900,000 on an apartment, you should spend $1,500 on an attorney to read your contract. It is one thing to buy without a broker -- though I wouldn't advise it -- but I don't understand making a major financial decision without legal advice.

Templeton: at the bottom right of every post is a little blue button that says "Quote" -- if you want to answer someone's questions, just hit the quote button. What will pop up is a reply window for you, and the text you are responding to will appear between the tags "quote" and "/quote."

You can edit their text as long as you don't delete those beginning and ending tags.

Templeton: at the bottom right of every post is a little blue button that says "Quote" -- if you want to answer someone's questions, just hit the quote button. What will pop up is a reply window for you, and the text you are responding to will appear between the tags "quote" and "/quote."

You can edit their text as long as you don't delete those beginning and ending tags.

Thanks for relieving my stress

Originally Posted by Templeton

HEY THERE. INTERESTING QUESTIONS, BUT NOT TO WORRY. SEE BELOW.

They say that the 10% deposit is not returned if the buyer cannot secure financing. Is this normal? [VERY NORMAL. NO ONE IN NYC SELLS AN APARTMENT SUBJECT TO A BUYER RECEIVING FINANCING. THE DEVELOPER PROBABLY HAS A RELATIONSHIP WITH A MORTGAGE BANK WHO WILL GUARANTEE GOOD FINANCING OPTIONS]

1) No mention whatsoever about all the fancy pants appliances, floors, fixtures the salesman promised. [ALL IS CONTAINED IN THE OFFERING PLAN. THE PURCHASE CONTRACT REFERENCES THE PLAN WHICH LISTS THE APPLIANCES/FIXTURES, ETC.]

2) If there's an existing tenant, buyer cannot evict him. [VERY STANDARD. FIND OUT IF YOU APARTMENT IS OCCUPIED - IF IT IS NOT, THIS IS NOT AN ISSUE FOR YOU]

Thanks a million for your response. I was stressing out because Swig's plan is about a mountain of paperwork. I did hire a lawyer, but I think he's really good for nothing and just wants to collect his fee.

Almost every line in the Plan and the Agreement are skewed towards their end.

By the way, you sound as if you've looked a little at the plan yourself. Are we perhaps going to be neighbors possibly? I'll owe you a drink if that is the case.

Al Frick: Templeton below you has answered all your questions, but honestly, if you are spending $900,000 on an apartment, you should spend $1,500 on an attorney to read your contract. It is one thing to buy without a broker -- though I wouldn't advise it -- but I don't understand making a major financial decision without legal advice.

Templeton: at the bottom right of every post is a little blue button that says "Quote" -- if you want to answer someone's questions, just hit the quote button. What will pop up is a reply window for you, and the text you are responding to will appear between the tags "quote" and "/quote."

You can edit their text as long as you don't delete those beginning and ending tags.

ali r.
{downtown broker}

Ali, I did hire a lawyer. But as I mentioned to Templeton, I think he's good for nothing and wants to do the minimal work and collect his fee. I'm paying him $1300 but doing most of the work for him it seems.

This is my first home purchase so forgive a noob: How do people actually agree to these outrageous demands and sign over their lives? If I lose my job, no bank in the world will lend to me and I'll lose my 10% deposit.

45 Broad Street
Deep in the heart of the Financial District, a new 56-story hotel and residential tower is on the rise. The building is located at 45 Broad Street, between Beaver Street and Exchange Place in the New York Stock Exchange security zone. The new tower will be home to a 160-room hotel with condominium units on its upper floors. Swig Equities is managing the project, with Tishman Construction building the tower. It is expected to open in summer 2010. Click here for a tour of the rebuilding projects taking place in Lower Manhattan.
Locate this project on the Interactive Streetwork Map.

Daily Activities

*The following information was last updated on March 7, 2008.

Demolition is taking place through June 2008

Foundation work including excavation will begin in July 2008 for approximately one year

I don't understand luxury development in this spot. If I was going to pay top dollar I certainly would not pay to live in a dark cavern, there is no light in this spot. Plus it's not yet a truly 24/7 community yet.